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ARTICLE · 29 FEBRUARY 2024

Munter's Ten Commandments For Audit Committees

Mayer Brown
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The SEC's Chief Accountant is a watchdog, among those who ensure high quality auditing in the complex world of financial reporting.

United StatesCorporate/Commercial Law
Lawrence A. Cunningham
Lawrence A. Cunningham
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The SEC's Chief Accountant is a watchdog, among those who ensure high quality auditing in the complex world of financial reporting. For years, this role has admonished auditors to be skeptical and audit committees to be independent, as the Sarbanes Oxley Act of 2002 mandated. Paul Munter, current SEC Chief Accountant, recently gave an important speech that briefly, but powerfully, reaffirmed these basic rules. All directors should pay attention, especially audit committee members.

As the legal supervisors of a company's auditor, audit committees have a crucial role in promoting audit quality and protecting investors, Mr. Munter said. Audit quality is necessary for making financial reporting reliable and useful, which in turn affects investor trust and market efficiency. However, audit quality can be impaired by various factors, such as management preferences, auditor optimism, or audit committee supineness, Mr. Munter noted.

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